Many OPEC members were unhappy with the decision and wanted to reduce production as a way to support prices. Yet Saudi Arabia overruled them, wanting to keep the current output level to fight with the United States for a share of the market. Additionally, there were arguments that with the recent bounce of prices there are few reasons to tinker with the market.

July futures for WTI crude oil gained 1.62 percent to $58.94 per barrel as of 21:16 GMT on NYMEX today. Contract for Brent crude rallied as much as 1.85 percent to $63.18 per barrel on ICE.
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